[Funding alert] The Souled Store Secures INR 135 Cr in strategic funding round

Xponentia Capital has led a strategic funding round in the omnichannel lifestyle startup, The Souled Store, which has raised INR 135 Cr. Along with Xponentia Capital, the current investors of The Souled Store, namely Elevation Capital and RPSG Capital, have also participated in this funding round.

According to The Souled Store's co-founder and CEO, Vedang Patel, the startup intends to utilize the funding to diversify into new product categories and enhance its offline operations. The company plans to launch 100-200 brick-and-mortar stores across India in the next three years with the help of this funding, as per reported by Inc42.

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“…we plan to capitalize our high brand equity to grow current categories & foray into other lifestyle products. We are also expanding our offline presence & intend to create destination stores that would excite our customers. The Souled Store further aims to reach INR 1500 Cr in revenue over the next three years and then go public,” the CEO said.

Commenting on the announcement, the managing partner at Xponentia Capital PR Srinivasan said, “… We look forward to supporting Vedang & his team as The Souled Store continues to innovate and delight its customers.”

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According to Vedang Patel, The Souled Store is on track to achieve INR 240 Cr in revenue for the current fiscal year, with an EBITDA of 10%. He also expressed confidence that the lifestyle brand is in a strong position to generate INR 1,500 Cr in revenue over the next three years.

About The Souled Store

The Souled Store, which opened in 2013, is a welcoming neighbourhood shop that gives you the tools to express yourself through unique, creative items. There is something for everyone with items including t-shirts, boxers, backpacks, mobile covers, socks, pins, badges, and much more.

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